Baidu reported third-quarter revenue of 31.2 billion yuan, a 7% year-over-year decline, but its AI-related businesses, which were disclosed separately for the first time, achieved high growth: intelligent cloud infrastructure revenue reached 4.2 billion yuan (+33%), AI applications 2.6 billion yuan (+6%), and AI-native marketing 2.8 billion yuan (+262%). The three segments combined for 9.6 billion yuan, with a year-over-year growth rate exceeding 50%, offsetting the 18% decline in online advertising revenue.

The autonomous driving mobility platform "Apollo Go" had 3.1 million orders in the quarter, a 212% year-over-year increase. It has been operating in 22 cities, with total mileage exceeding 240 million kilometers. In the earnings call, Li Yanhong stated that starting from 2025, the industry will enter a "value realization year." Baidu will continue to externalize its internal AI capabilities to government and enterprise customers and expand the commercialization scale of AI cloud and native marketing services.

Traditional search advertising revenue is under pressure, with core revenue declining 7% year-over-year. The company is accelerating the reallocation of resources toward non-advertising businesses such as intelligent cloud, aiming for AI revenue to account for more than half within three years. The capital market responded positively, with Baidu's stock rising more than 4% before the market opened, and its market value returning to the 45 billion dollar range.